Kotak Mahindra Life Insurance Company Limited (Kotak Life) is a 100% owned subsidiary of Kotak Mahindra Bank Limited (Kotak). Kotak Life provides world-class insurance products with high customer empathy. Its product suite leverages the combined prowess of protection and long-term savings. Kotak Life is one of the fastest growing insurance companies in India and has covered over 27 million lives as on 30th June, 2019.
About Kotak Mahindra Group
Kotak Mahindra Group is one of the most reputed banking and financial services organizations in India. It is offering a wide range of financial services to meet both corporate and individual investment needs.
Kotak Mahindra Insurance Product Portfolio
Kotak offers a wide range of life insurance products. Following is the product portfolio of Kotak Life Insurance:
These life insurance plans provide a pure risk cover plan that helps you with a high level of protection at nominal costs.
- Kotak Preferred e-Term Plan
- Kotak Saral Suraksha
- Kotak Preferred Term Plan
- Kotak Term Plan
- Kotak e-Term Plan
These are ulip plans with low charges along with convenient premium payment options that provide you with a great combination of funds and help you build substantial wealth for yourself.
- Kotak Assured Income Plan
- Kotak Platinum
- Kotak Single Invest Advantage
- Kotak Ace Investment Plan
- Kotak Wealth Insurance
- Kotak Invest Maxima
Kotak Life plans ensure financial independence for you and your family even as you enjoy a peaceful retired life of your dreams with their pension plans.
- Kotak e-Lifetime Income Plan
- Kotak Lifetime Income Plan
- Kotak Premier Pension Plan
Child plans helps you accumulate good amount of money and provide defined benefits, at specific milestones in your child's life to support his/her education.
- Kotak Headstart Child Assure
Kotak policies are an avenue for long term regular investments to accumulate a lump sum on maturity.
- Kotak Sampoorn Bima Micro-Insurance Plan
- Kotak Assured Income Accelerator
- Kotak Gramin Bima Yojana
- Kotak Premier Moneyback Plan
- Kotak Classic Endowment Plan
- Kotak Assured Savings Plan
- Kotak Premier Endowment Plan
- Kotak POS Bachat Bima
- Kotak Single Invest Plus
- Kotak Premier Life Plan
- Kotak Single Invest Advantage
- Kotak Guaranteed Savings Plan
- Kotak Invest Maxima
- Kotak SmartLife Plan
- Kotak Premier Income Plan
- Kotak Ace Investment
- Kotak Platinum Plan
Compare all Kotak Life life insurance plans from other life insurance companies in India to get the best insurance plan that suits your investment appetite most.
Kotak Life Insurance Distribution Network:
The distribution network of Kotak Life Insurance Company includes retail distribution through the branch offices, insurance agencies, individual agent network and insurance brokers for claim settlements. It has offices across over 400 cities and towns in India. Kotak Life products are also available online through their website and insurance aggregators.
Kotak Life Insurance - FAQ
Kotak Mahindra Old Mutual Life insurance company Ltd. offers 12 modes of premium payment namely:
- / cheque payment at the branch
- Online Payment
- Payment at the Kotak bank ATM drop boxes
- Standing Instructions
- Direct Debit
- Payment thorough bill desk
- Electronic bill payment
- Postal money order
- Bank guarantee
For the online payment mode, the policyholder can pay via;
- Credit Card,
- Debit Card
- Net banking
If you are a registered user, simply log into the e-Portal with your policy details to check the policy status.
If you are a registered user, you can pay online in 3 easy step
Step 1: Logging into the e-Portal with your policy details to check the policy status.
Step 2: Select the policy and payment option- Net Banking. Debit/Credit Card
Step 3: Pay via the secured gateway and print/save the recipt of payment.
In the offline mode, you deposit /cheque at the nearest branch.
The nominee needs to intimate the company on the toll free number 1800-209-8800 or can visit the branch personally with the policy document and accidental/death certificate. The nominee must fill a claim intimation form and then the company will provide a reference number to him. Usually within 30 days the accidental/death claim without investigation cases is cleared.
Submit your policy documents along with duly filled surrender form at the service desk in any of the branches. Upon successful proccedings, the refund will be credited directly into your bank account and the policy stands cancelled. The comoany claims to setlle it within 7 working days.
Kotak Life Insurance - Latest News
Kotak Mahindra Life Insurance Company recently launched its new e-Term Plan. The new Kotak e-Term Plan comes in three comprehensive cover options – Life option, Life Plus option, and Life Secure Option.
- Life Option – It offers 100% of the Sum Assured on the death of the life insured.
- Life Plus Option – It offers 100% of the Sum Assured as death benefit upon accidental death of the life insured in addition to the death benefit. The maximum death benefit payout is subject to a maximum limit of Rs. 1 Crore.
- Life Secure Option – It offers the benefit of premium waiver in the event of total & permanent disability of life insured. The death benefit of the plan stays intact for this variant until the end of the policy term.
This new term plan from Kotak Life Insurance Company also provides policy holders with options to avail additional cover at different intervals to take care of their increasing responsibilities. In addition, nominees are allowed to choose from three payout options. These options are:
- Lump-Sum Payout – 100% of the Sum Assured is paid out in one lump-sum and the policy will be terminated.
- Recurring Annual Payout – 10% of the Sum Assured is paid out at the time of claim settlement and 6% of the Sum Assured is paid out each year for 15 years.
- Increasing Recurring Annual Payout - 10% of the Sum Assured is paid out at the time of claim settlement and 6% of the Sum Assured is paid out at the end of the first year. In addition, the pay-out will increase by 10% per annum. These payouts are paid at the end of each year for 15 years.
The plan allows policyholders with an option to choose from different rider benefits for additional premium. Two of the best riders under this plan, Critical Illness Plus Benefit rider and Permanent Disability Benefit Rider provide protection against 37 critical illnesses and comprehensive coverage against accidental permanent disability.
Kotak e-Term plan has been carefully conceptualized to ensure coverage for the diverse protection needs and risk cover necessities of policyholders. The policy is affordable, customizable and comes packed with impeccable services.
Mahindra Mahindra Financial Services Limited (Mahindra Finance), which holds minority stake in Kotak Mahindra Insurance company, one of India’s leading private insurers, is one of the first insurance broking company to be accredited with Maturity Level 3 of the People Capability Maturity Model (People-CMM) globally. With this rating, it now shares the same space with companies who practice People-CMM such as Tata Consultancy Services, Accenture, Wipro, CMC, LT Infotech, etc. P-CMM, an organizational transformation model was created by the CMMI Institute, USA. This institute is a subsidiary of Carnegie Mellon University and aims at uplifting the organizational performance by bringing forth best-in-class solutions to meet challenges in the real-world. A top official at Mahindra Finance said that the accredition shows the organization’s consistent commitment towards development of its workforce, its focus point being to add value to its customer base, and bringing about positive change in peoples’ lives, which stands similar to the organizational goals of Kotak Mahindra Insurance company.
January 28, 2016: Kotak Life Insurance is expecting to collect Rs 900 crore as its first premium income in this financial year, 2015–16. Its first premium income in financial year 2014–15 was Rs 600 crore. Speaking during the launch of Kotak Premier Life Plan in Kolkata, Suresh Agarwal, Senior EVP and Chief Distribution Officer of Kotak Life, told that his company is ranked seventh among the private sector life insurers in terms of accumulated premium income. Its total premium income, which includes new and renewal premium, for 2014–15 was Rs 3,000 crore. The company expects its total premium income to increase to Rs 3,500 crore in this fiscal. Suresh Agarwal said that the company is making profits and that it has no plans to hit the stock market as of now. He also said that Old Mutual Life of South Africa, which holds 26% in Kotak Life, has no plans to increase its stake.
January 7, 2016 : Kotak Mahindra Old Mutual Life Insurance Limited has launched a new plan called ‘Kotak Premier Life Plan’ on 7 January 2016. It is a participating whole life plan with limited premium payment offering protection till 99 years of age.Under this plan, customers can either opt to receive bonus payouts after the end of premium payment term or can accumulate them to create retirement corpus. Customers can withdraw from the accumulated corpus after the end of premium payment term.Speaking at a media conference on the launch of Kotak Premier Life Plan, Suresh Agarwal, chief distribution officer & senior EVP, Kotak Mahindra Old Mutual Life Insurance Ltd, termed this plan as an innovative, participating whole life product aimed at providing a strong foundation of insurance protection and a planned income for the customers.He further stated that Kotak Mahindra Old Mutual Life Insurance Ltd expects to collect a total premium of over Rs 3,500 crore in this financial year. During last financial year, Kotak Life collected Rs 1,400 crore in new business premium segment and Rs 1,500 crore in renewal premium segment.
It is a limited premium payment and participating whole-life plan, which can be either used for income benefits or for creating a tax-free corpus. Under this plan, the customer has the option to protect himself up to 99 years of age. It allows the customer to partly en his accumulated corpus during the policy term. The plan also offers discounts on premium for higher sum assured and additional discount on the lives of women insured.
January 30, 2016: Kotak Life Insurance has registered nearly 50% year-on-year growth in its first premium income for the first nine months of the present financial year. This happened as it increased its exposure in the south Indian market due to the acquisition of Bengaluru-based ING Vysya Bank by Kotak Mahindra Bank in 2015. The acquisition has increased the contribution of the bancassurance business from 35% to 50%. Prior to the acquisition, ING Vysya Bank had about 677 branches, mostly in southern India. Post-acquisition, Kotak Mahindra Bank has a footprint of over 1,200 branches. According to Suresh Agarwal, chief distribution officer at Kotak Life Insurance, western and southern regions contribute 30% each to premium income with north and east giving about 20% business each. Kotak Life Insurance has collected Rs 1,289 crore as new premium in the first nine months compared to Rs 866 crore in the same period last fiscal while its peers, such as Birla Sun Life Insurance Company and Bajaj Allianz Life Insurance Company saw just about around 5% growth. Kotak Life Insurance is targeting Rs 3,500 crore of premium income in this financial year, of which about Rs 1,800 crore is being targeted from new business. According to the data compiled by Life Insurance Council, new business premium for the entire life insurance industry grew by 16% to Rs 85,588 crore in the first nine months of FY 2015-16. Public sector insurer, Life Insurance Corporation of India, registered 15.38% growth in new premium business compared to the private sector growth of 17.47%.
Kotak Mahindra Old Mutual Life Insurance (KLI) launched a new campaign called ‘Koi Hai Hamesha’ across TV and digital platforms in mid-January. Created by J Walter Thompson, it is aimed at audiences at the age group of 30-50 years. The campaign consists of two television commercials (TVCs), the main film being of 30 seconds’ duration and the next one is a sequel of 15 seconds. While the main film establishes a concern, the sequel ends with a solution with a happier and better informed protagonist. The first film shows a group of friends enjoying and thinking about how to plan their post retirement life. The second film gives out a clear message of how Kotak life Insurance has a perfect plan for an individual. According to Elizabeth Venkataraman, Executive VP & Head, Marketing, KLI, the main theme of the campaign is that life expectancy has gone up and many people may live up to 100 years, making the Indian blessing, ‘Sau Saal Jiyo’ a reality soon. The campaign provides the backdrop for the launch of a new whole life plan that protects your life and enables investments up to 99 years of age. According to Nandita Chalam, Senior VP & Executive Creative Director, J Walter Thompson, the thought behind the new campaign is that people should be planning for a longer life instead of the eventuality of death. The media plan covers leading Hindi & other regional entertainment channels as well as English language, regional and business news channels.
Kotak Life Insurance (Kotak Mahindra Old Mutual Life Insurance Ltd) introduced its Kotak Premier Life Plan which is a Participating partial premium payment whole life plan.The Kotak Premier Life Plan is a new, participating whole life insurance plan for people from various income slabs so as to build a powerful base for life coverage and regular income through the life.
Under this plan, the policyholder can pick from added paid-up options or payout. Under the added paid-up options the policyholders are allowed to get their paid-up additions using their bonuses which would accumulate in their plan making this plan an additional guaranteed assured-sum which is paid as maturity or death benefits. Also, after the expiry of the premium payment term funds can be withdrawn anytime from the accumulated funds. In the payout option, each year after the premium payment term the declared bonus is paid to the policyholder under the plan.
The Kotak Life Insurance Company achieved footing in the southern insurance market of India. This happened after the parent company Kotak Mahindra Bank (0.44% BSE shares) had acquired ING Vysya Bank (-0.32% BSE shares) previous to aid the bancassurance channel of insurance sales. Kotak Life which is a conglomerate between South Africa Old Mutual and Kotak Mahindra Bank in a share ratio of 74:26. This new venture experienced a year on year growth of around 50% in the first quarter of the fiscal year which 16% higher than the average rate of growth.
This new venture of ING and Kotak Mahindra proved to be a great move since, this move helped the parent company to push its insurance sales through bancassurance sales channels. Also, this partnership allowed the growth rate to see a growth from 35% to 50%. ING Vysya with about 677 branches mostly in the southern insurance market gave a foot over to Kotak Mahindra Bank of around 1200 outlets. The Kotak Life Insurance in the first quarter of its fiscal year had Rs 1289 than what they had same time during the previous fiscal year which is Rs 866 crores. This shows a clear 49% growth in the bank’s business. Although, the similar market players like Birla SunLife and Bajaj Allianz Life Insurance Co. had a year on year growth of 5% only.
Written By: PolicyBazaar - Updated: 01 June 2020